(AP) -- The Cleveland Cavaliers and Anderson Varejao reportedly have agreed on a six-year contract that could be worth as much as $50 million.

Agent Dan Fegan told the Plain Dealer late Wednesday that the club and Varejao have agreed on a new contract. The team Thursday morning is not confirming the report. The signing was also reported by ESPN.

General manager Danny Ferry had earlier stated his intent to re-sign the 6-foot-11 Brazilian.

Varejao did not exercise his option on a $6.2 million contract for next season, making him an unrestricted free agent.

Known for his hustle, Varejao posted career-highs in starts (42), scoring (8.6), field-goal percentage (.536) and minutes (28.5) per game last season for the Cavs.

(Copyright 2009 By The Associated Press. All Rights Reserved.)